Jim Rohn famously said,
You are the average of the five people you spend the most time with
As a young investor starting out it would serve you well if you can spent time with Warren Buffet (vicariously) by reading his fantastic letters
At Tankrich – We have taken an initiative to share his learnings through our video channel
This week having finished the partnership letters I thought it would be good if I could document those learnings in a single place
After few weeks of editing here is the final copy for you on Learnings from Warren buffett partnership letters
Below is Table of content of this ebook
Download a copy by sharing any of the above social links (I do this so that this reaches maximum people through your social networks)
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Building blocks
- What should be focus of long term investor
- Surest means of profit is value investing
- Think long term to evaluate performance
- Beating index is very tough
- True conservatism
- Magic of Compounding
- Price is everything aka Margin of Safety
- Cigar butt as a group works out to be a good investment
- Evaluate money manager even if it’s you
- Public opinion is not a substitute for though
- Investing edge
- Role of luck in Investing
Types of Investment
- What is a work-out Investment ?
- What are Generals ?
Security’s price movements
- No movement is best for long term investors
- Dividend and impact on price of securities
- Illiquidity and prices
- Playing volatility is a loser’s game
- Past price behaviour is of no relevance
- In short term demand and supply drive prices, In long term earnings power
Asset Allocation
- Asymmetric allocation
- Use mathematical expectation and it’s wideness to allocation
Qualities to look for in business
- Monopoly, recession proof
What works in Investing
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- Buy the right Company
- Buy the right Price
Moat building activities
- Expenditure on sales and promotion
When to Sell
- When a security reaches Fair Value
- Sell when valuations catch up
Use of Leverage
- Utilise leverage in portfolio
Valuations
- What is not value
- Book value a better measure than next year PE
- Buy out of favour stock at bargain price to a private owner
- What drives value – assets, Earnings power and industry conditions
- Selling below Value to a Private owner
Management is key to investing
- Management is important in spite of good numbers
How a business turnarounds
- Reduce Inventory
- Free up Capital, reduce working capital and capex
- Cut overhead
- Closed inappropriate franchise
- Improve Earnings power
Diversification
- Bet hard when things are in your favour
- Consequences of wide diversification
Why Typical money managers fail
What businesses to avoid
- Business dependent on trickle of ideas
- Business with a human issue
Book Recommendations
The depth of coverage itself indicates that these letters are a must read for any serious investor
In case you are facing issue in download tweet me
not able to see the link sir.
Here you go https://www.tankrich.com/wp-content/uploads/2015/05/Learnings-From-Warren-Buffet-partnership-letters.pdf
Respected Sir,
EXCELLENT analysis. Thqnq for sharing Sir. With regards.
Mahesh Vakharia
Thanks Mahesh
Kindly share the copy at mail: vikskukreja@gmail.com
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